Despite the negative sentiments due to rising inflation, weakening Indian currency and fear of recession among consumers, Panasonic is hopeful of a positive festive season ahead and is eyeing a double-digit growth on the back of smart air conditioners and home appliance category.
“After a prolonged lull period, consumers too are looking forward to the upcoming festive season starting from Onam. They will continue to spend cautiously on connected (smart), convenient and comfortable appliances,” says Fumiyasu Fujimori, Managing Director, PMIN - the consumer business head of Panasonic in India.
The realisation that consumer appliances are an indispensable ‘essential’ item aiding in multi-tasking, and with the situation returning to pre-Covid levels, consumers are opening up to investing in value-proposition appliances. “Consumers across rural and urban India have now adjusted to a post-pandemic lifestyle in which safety and value proposition is taking precedence in their purchase decisions. We are seeing a rise in demand for value proposition appliances that are easy to use (allowing them to multitask), energy-efficient, connected (smart), and healthy & hygienic,” adds Fujimori.
Therefore, Panasonic is offering a range of smart products across categories like air conditioners, washing machines, refrigerators, fans, plugs & switches that are powered by Miraie – an IoT-based platform that connects with Panasonic appliances wirelessly for easy control and remote monitoring. “This trend is here to stay,” adds Fujimori. Panasonic has launched a wide range of consumer appliances, including 20 new models of LED TVs – comprising both 4K and Smart TV portfolio, a Smart line-up of Washing Machines powered by Miraie –IoT enabled platform by Panasonic, a 30 Litre Microwave Oven featuring zero oil recipes and Monster Super Mixer Grinders with Double Safety Lock for enhanced safety.
The growth trajectory:
The consumer business of Panasonic in India is on a growth trajectory led by the premium range of home appliances. In terms of value, Panasonic grew double digits, recording 32 per cent growth Jan-Jul'22 vs Jan-Jul'21. “This season, we observed a record demand for Air Conditioners as we witnessed more than 45 per cent growth vs Jan-Jul'21, with maximum contribution coming from 4-star and 5-star inverter AC. Similarly, appliances that help multi-task such as Microwaves and Washing machines, also recorded double-digit growth when compared to Jan-Jul'21. Festive contributes significantly to the overall sales. The last couple of years were an anomaly however, this festive season, we are targeting a double-digit growth.”
Continuing with the momentum, from August onwards, Panasonic has commenced festive celebrations and has announced 'The Festival of Life' offer. It comprises several cashback programs, convenient finance schemes, warranty benefits and exciting gifts on the purchase of Panasonic appliances. Planned in advance, the company has enough stocks and inventories to answer the local demands, ranging from both premium to value-proposition appliances.
Momentum is back to offline retail
Digitisation over the last two years has made consumers more tech-savvy as they now prefer to do their research online and purchase at stores. Also, in India, consumers still prefer to ‘touch & feel’ an appliance before purchase; hence offline sales will continue to dominate.
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